Equifax Inc. has announced that Roostify Inc. plans to build a connection between The Work Number, provided by Equifax WorkForce Solutions, a business unit of Equifax Inc. and its mortgage platform by the end of 2016. The connection to the Equifax data will enable lenders to access employment and income verifications from the Roostify platform. The Work Number is the largest source of employer-direct income and employment information and is refreshed each pay period. The database includes records from more than 75 percent of the Fortune 500 companies and an increasing number of small- to medium-sized employers.
“This alliance with Roostify breaks new ground in mortgage decision automation. Lenders currently using the Roostify platform will benefit from the connection to The Work Number, as they will now have access to reliable data instantaneously, helping to simplify one more vital step in the application process,” said Seth Kronemeyer, vertical marketing leader, Equifax Mortgage Services. “We are happy to be able to provide our data to lenders who aim to offer consumers the most efficient closing process possible.”
The Roostify platform allows borrowers to submit an application, upload documents and collaborate with all parties involved from application to closing. Through key integrations and features, the Roostify platform enables lenders to close more loans in less time and provide a better experience to customers.
“We expect our alliance with Equifax to deliver transformational change to our customers,” said Rajesh Bhat, CEO and co-founder of Roostify. “Applicant income is a primary determinant of whether a loan is approved. Therefore it greatly benefits both borrowers and lenders for this to be verified quickly. Using The Work Number, the industry leading employment and income information database, we can help our customers benefit from faster decisioning and quicker closings.”
